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- Name atleast 2 business or service in the Philippines that is an example of perfect competitionTrue/ False In real life perfect competition market does not exist.Perfect competition is characterized by all of the following EXCEPT a. well-informed buyers and sellers with respect to prices. b. considerable advertising by individual firms. c. no restrictions on entry into or exit from the industry. d. a large number of buyers and sellers.
- Explain what is meant by a perfect competitor has no market power as applied to power system economics.In perfect competition, marginal revenue Group of answer choices increases as more is sold. decreases as more is sold. is equal to the market price. is zero. is always greater than marginal cost.Synthesize the latest findings/ results from the literature on firms and imperfect competition
- Which of the following is a barrier to entry in a perfectly competitive industry? a)brand name recognition b)patents or copyrights c)economies of scale d) all of the above are correct e)none of the above is correctThe following determine industry structure except A. The number of firms in an industry B. Conditions of entry C. Product differentiation D. Taste and PreferenceMarket Structure Number of Firms Type of Product Sold Price Taker? Price Formula Freedom of Entry? Short-run Profit? Long-run Profit? Industry Examples Perfect Competition Choose an item. A.infinite B.many C.Few dominante firms D.One Choose an item. A.Unique B.differentiated C. Identical D.Differentiated or identical Choose an item. A.yes B. NO Choose an item. A.P=MC B.P>MC C.P<MC Choose an item. A. YES B.NO Choose an item. A.YES B.No Choose an item. A. Yes B. No [Insert two to three example industries that meet the criteria of the market structure.] Monopolistic Competition Choose an item. A. Infinte B.Many C. Few dominant firms D. One Choose an item. A. Unique B.Differentiated C. Identical D.Differentiated or Identical Choose an item. A. Yes B. No Choose an item. A.P=MC B.P>MC C. P<MC Choose an item. A. Yes B NO…
